The webs most detailed ByBit review: Find out if this platform really as good as they promote and who is best suited to use ByBit? Our expert has taken some time to test it, keep reading if you would like to know if this crypto derivatives trading platform has got what it takes to handle it all.
In this section of our ByBit review we highlight 6 special features that deserves extra attention.
ByBit is a cryptocurrency derivatives exchange and a pure day trading platform. It was launched back in 2018 and the operating company behind ByBit is ByBit Fintech Limited. The location of the headquarter is in the British Virgin Islands with this address: P.O. Box 4541, Campbells, Floor 2, Romasco Place, Road Town, Tortola VG1110, British Virgin Islands.
So far, we can’t really give you any opinions regarding the reputation other than it seems positive and trustworthy. The exchange is not regulated so beware of keeping too many coins in the wallet while you are not using them.
Why use ByBit
If you are looking for a modern cryptocurrency exchange to day trade bitcoin or major altcoins with leverage on a high-end platform, then ByBit is for you. It’s not a very beginner-friendly platform and I would not recommend it to complete beginners. There is also an option to act as a market maker on ByBit since the Maker Fee is negative. This means that you will earn a rebate when you execute Limit order trades. This is a great way for maker maker traders to earn a stable profit.
If you are searching for promotions and welcome deposit bonuses you will be happy to join ByBit. There is a rewards page where you can choose your deposit bonus and start with some extra cash. Before you deposit, read through the bonus terms.
Trading on ByBit
Day trading on ByBit is very optimal for several reasons. The charting interface is from Tradinview and it’s extremely responsive. The order selection is great as you can use real stop loss and take profit orders to your positions. Many platforms don’t offer this and they go around it will stop-limit orders to substitute the real SL and TP orders.
The interface is also very advanced when it comes to the technical tools provided. Since it’s a Tradingview chart you have all the latest technologies when it comes to charting and drawing tools. The leverage levels are also easily adjustable in between trade and the only thing you have to do is to change the level of the leverage on the bar you see in the top right corner.
Overall, ByBit is great thanks to the modern platform and all tools combined. If you are a complete beginner, you might find it a little bit difficult to navigate so I recommend that you take some time to get to know the platform before you start with real money. I would say that ByBit is best suited for semi-experienced and experienced day traders.
Payment methods and limits
On ByBit you will be able to deposit with the most common card payments, bank transfers, ApplePay, and also some more exotic providers like POLI, B-pay, and PayId. Since this is a cryptocurrency exchange and you can only make withdrawals in crypto, and the withdrawal limits are very high. There is a deposit limit per day depening on which fiat payment method you use. I would however say that ByBit has low minimum deposit limits which are good for new traders.
Things we don’t like
To be honest, there is not much to dislike if you take this platform for what it is, a place to day trade with leverage, and that is exactly what you get. They even do a good job at it on the ByBit platform. What sticks out to me is the style of the user interface. It looks like so many other exchanges, and it’s very similar to Binance. I think it’s a little boring. Also, the amount of promotions and rewards doesn’t look very serious to me, the rewards page almost looks like a casino page and this is sending the wrong signals to the traders joining.
About the special features on ByBit
When it comes to active day trading and special features, ByBit has a lot of extras to choose from. Use the advanced platform with modern charts and tools or activate some of the promotions or welcome deposit bonuses on the rewards page. Short sell bitcoin or other major altcoins with leverage and choose your level of leverage from 1x to a maximum of 100x.
You can customize the trade interface as you want by dragging and dropping the different items wherever you want. If you head over to the ByBit institute you can read up on several cryptocurrency trade strategies and tips from their own experienced crew. Rebate is another great tool you will be able to use if you are a trader who likes to trade with Limit orders. You earn a rebate as a market maker when you execute trades with Limit orders and the cash will show up in your wallet.
This is a risk management tool created by ByBit. To explain how it works in simple terms: It works as a cover for your trades who go against you. Whenever you earn a profit you can choose to take the profit for yourself or add it to the mutual insurance for future trades. If you choose to add the profit to the mutual insurance you will have a cover for the next negative trade. The good thing is that if this risk management tool saves you from a loss, you get to keep all the profit and the premium you paid if the market turns around in your favor.
Real Stop Loss & Take profit
This is something I really like with the ByBit platform, a real stop loss and take profit order selection. This is the real deal, you will be able to check the SL or TP depending on which one you want to use and then put in the price where you want to stop yourself out or where you want to take your profits. Good job ByBit for coding this into the platform when you developed it!
Great live chat
The live chat is super on ByBit. When I tried it out it took a few minutes for someone to respond but that’s normal. However, when I was talking to Victor, he really impressed me with very rapid answers and spot-on explanations. He sent me helpful screenshots of what I was looking for and also redirected me to the pages I was looking for, absolutely professional.
Is ByBit safe to use?
ByBit opened its doors in 2018 which makes this a new crypto exchange by the Tradingbrowser review standards. We always take caution when using a new cryptocurrency exchange because there is not much info out there yet. So far, however, we haven’t heard any negative feedback from ByBit users. We would not recommend that you keep a lot of your coins on the exchange, only the amount you are actually willing to lose.
Is ByBit regulated?
No, ByBit is not a regulated cryptocurrency exchange.
Frequently asked questions
Read the most frequently asked questions about ByBit. Find answers without searching the web.
Yes, ByBit is a legal cryptocurrency exchange. It has been operating since 2018 and is growing rapidly on the crypto day trading scene.
Yes, you can. Head over to the deposit section and buy Bitcoin with fiat currencies and choose from different fiat gateway payment providers like ApplePay, card payments, Bank transfers, and more.
No, the exchange will not ask you for your KYC-documents if you send Bitcoin and trade with your own coins. However, if you want to buy Bitcoin with fiat currencies you will be asked to send in your KYC-documents to proceed through the payment vendor.
The exchange is located in the British Virgin Islands with a registered address at: P.O. Box 4541, Campbells, Floor 2, Romasco Place, Road Town, Tortola VG1110.
The current owner and operator of the exchange is a company called Bybit Fintech Limited.